The Riviere Advocacy Group LLC has a team in place to help small businesses assess its legal status. A business legal audit includes working through a checklist that covers the aspects of a business. This will make the business owner aware of issues that needs improvement or changes. Further, it also provides a road map to get the business where it needs to be. This is a great process that keeps businesses healthy and ready for growth, merger, sale or whatever the future the holds.
Why should I take the time to check my businesses’ pulse?
Risk mitigation and catching problems before they happen or small enough for an easier fix, will save you money. The goal in a legal audit is to find room for improvement where smart thinking can make your business more profitable. Moreover, it should make your business less exposed to risk and open to future expansion and/or sale.
Imagine avoiding future legal problems and eliminating costs, but also imagine finding hidden business opportunities such as capital allocation and areas for expansion. A business lawyer can help you in this area. Contact us now to discuss your situation.
We want to make the most business sense possible.
What’s included in audit?
Each audit is different. The type and size of the business will determinate the need of audits require.
Review corporate practices i.e. are you holding shareholders’ and directors’ meetings? Do you prepare minutes? Is the business in compliance with the minutes? Firstly, review documents retention practices. Secondly, review Buy-Sell Agreements. Thirdly, review Corporate bylaws.
We will review your customer and vendor contracts. Grade the sufficiency of the documents for their intended purposes i.e. are they providing you the benefits that you intend? Review any limitation of liability, damage waivers, IP ownership, and other clauses within your business contracts and counsel on new clauses the company may need. Review how the business handles contract breaches.
Take inventory of assets- copyrights, trademarks, trade secrets (e.g., customer lists), and other information. Further, analyze if your intellectual are secured i.e. that you have proper legal title to your intellectual property. In addition, make inquiry into the processes being used to create, capture, use, and protect it. Advise on protocols to create, capture, use, and protect it. Assess employees’ non-compete agreements. Moreover, assess if your contractors pass title to their inventions and work product to the company.
Review the businesses’ employment practices. Review hiring and firing practices. Assess hiring and firing documents including employment applications. Review employee handbooks. Assess whether employees are signing non-compete agreements. In conclusion, you should focus on every HR activity.
We have helped many businesses in legal auditing and can help you also. It will make you more confident in running your business and get the better outcomes. As you know, every business needs different type of audits. Our attorneys can help you perform these audits easily. Talk to us and learn how it can benefit your business.
Talk to our certified business legal auditor for any questions related to business legal audit. Book your free consultation now or visit our office.